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Treasury Futures Edge Lower, Curve Bear-Flattens

US TSYS
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  • Jun'24 10Y gapped lower this morning as Fed Reserve Gov Waller spoke where he mentioned the Fed should wait to see more data before cutting rates. Futures have continued to edge lower reaching a low of 110-20+, before recovering some of those loses to trade at 110-23+ down - 04 since NY closing.
  • Looking at technical levels: Initial support lays at 110-08+ (Mar 21 low) while below here the 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low). While to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 110-31+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • US Credit Rating Affirmed at AA+ by S&P With Stable Outlook
  • Cash Treasury curve has bear-flattened on Thursday with the 2Y yield +3.9bps at 4.608%, 10Y +1.6bps to 4.206%, while the 2y10y -2.355 at -40.355.
  • Thursday Data Calendar: Weekly Claims, GDP, PCE, PMI, UofM Sentiment.
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  • Jun'24 10Y gapped lower this morning as Fed Reserve Gov Waller spoke where he mentioned the Fed should wait to see more data before cutting rates. Futures have continued to edge lower reaching a low of 110-20+, before recovering some of those loses to trade at 110-23+ down - 04 since NY closing.
  • Looking at technical levels: Initial support lays at 110-08+ (Mar 21 low) while below here the 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low). While to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 110-31+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • US Credit Rating Affirmed at AA+ by S&P With Stable Outlook
  • Cash Treasury curve has bear-flattened on Thursday with the 2Y yield +3.9bps at 4.608%, 10Y +1.6bps to 4.206%, while the 2y10y -2.355 at -40.355.
  • Thursday Data Calendar: Weekly Claims, GDP, PCE, PMI, UofM Sentiment.